YouTube renews Vevo deal, invests in music video site
Vevo in action.
Screenshot by Jonathan Skillings/CNET)
Google confirmed Tuesday that YouTube has renewed its agreement with Vevo, ensuring that the music-video site’s videos stay on YouTube.
As part of the deal, Google will make an investment in the joint-venture owned by Universal Music, Sony Music Entertainment, and Abu Dhabi Media Group. Terms of the investment were not revealed, but Billboard, which first reported on the deal, speculated the investment to be between $40 million and $50 million, in line with previous reports about a possible investment.
“We made an…
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